Conference Call on Coordination Out Loud in Natural Gas Liquids Industry

On September 16, at 10:00 a.m. ET, Teddy Downey, Daniel Sherwood, and Sharon Kelly will discuss recent reporting regarding statements and production trends of some of the country’s largest natural gas liquids producers and their potential legal implications. 

The three companies – Antero Resources, Range Resources, and Southwestern Energy – have enjoyed favorable economics in the distinct Appalachian market, where they control the majority of the output, as The Capitol Forum reported. Antitrust experts interviewed by The Capitol Forum raised concerns surrounding aspects of the company’s statements in light of Joseph Harrington’s landmark paper, Collusion in Plain Sight. 

As all the three companies acknowledged increasingly favorable cash flows from their NGL production, public statements appear to reflect a growing consensus that top producers would remain committed to “capital discipline” or “maintenance-level” spending. Indeed, the three firms largely kept production flat during this period – with the largest producer by volume, Antero, decreasing its output. 

For further exploration of NGL markets in Appalachia and reasons producers’ remarks drew concern from antitrust experts, please join us. 

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